How Entrepreneurs Can Start a Business Without a Typical Plan
If you’ve been considering starting your own business, you probably know the first piece of advice every experienced entrepreneur will give: create a business plan. While it’s true that you need a solid plan if you want to gain funding, the truth is that your grandpa’s idea of a plan is not likely to be what you need in these modern times. In fact, you can likely start a thriving company without a typical plan.
Prove You Can Do Something
Many investors never even read business plans, especially if they see right away that you have something you can offer the community. Look at large companies such as Proctor & Gamble. Sure, they probably created a business plan or two as the company grew, but chances were, they didn’t have one when they originally started creating and selling their products way back in 1837. Do you know how to make soap? Are you an excellent clothing designer? Prove it. Let your samples and sales to your family and friends do the talking for you. You’ll not only end up saving your time but saving the time of the investors who may be interested in your work.
Skip the Calendars
Nobody likes a strict calendar that creates tension and stress. That’s exactly what old school plans expect of the entrepreneur and investor alike, though. When you have a formal calendar in front of you, you may become overwhelmed by the milestones that you feel you need to hit to create a successful business. In the end, you could do your bottom line more damage than good as you buckle under the pressure. Even if you create an abbreviated plan for an investor, leave out the rigid calendar. Ensure you are realistic about your time goals and consider providing a time frame rather than rigid dates if an investor does ask for a timeline.
Don’t Let It Become Your Identity
When you are trying to start a new business, it can become entirely too easy to let the business plan and the company itself take over your entire life. That’s the fastest and easiest way to burn yourself out and lose investors in the process. Focus on some aspect of your new business during the weekdays, but remember to spend weekends relaxing, whether that means sleeping more or spending time with family and friends. Remember, overdoing it doesn’t mean more success; in fact, it usually means less success.
